Craig and Jennifer Moser break down the different personalities of spenders and how those traits could affect your retirement.  Which one are you?

YOLO Spender

Using the “You Only Live Once” philosophy, these spenders go overboard on lavish expenses and purchases.
These tend to be people who didn’t have much money and then inherited a bunch. They often feel guilty for getting so much money. Some want to give family members a lot of money or spend lavishly. But we always advise them to be careful and plan for the future.
“Don’t go buy the RV, the boat and then start getting a suntan machine,” said Craig.

Emotional Spender

Had a good day? Go out to eat. Had a bad day? Go out to eat. Stressed and tired? Go out to eat.
“That’s me. I’m the emotional spender,” said Craig. “Most people roll their eyes when we talk about budgeting, and I’m one of them.”
But developing a budget is crucial to planning for retirement.

Savvy Spender

Savvy spenders, like Jennifer, tend to have a budget, evaluate every purchase, be fru-gal, only spend when needed, prioritize quality over quantity and spend on experiences instead of stuff.

The miser

Misers believe any sort of spending, even when necessary, is stressful and guilt induc-ing. Their money decisions are often based out of fear that they won’t have enough. They saved diligently but then are afraid to spend the money.
Craig’s father was an example of this. He experienced the Great Depression and has always been tight with money.

Listen to the full episode here.